County Davis Financial News

Crypto asset manager Grayscale’s legal team has sent a letter to the US Securities Exchange Commission (SEC) asking the agency to move ahead with its proposed Spot Bitcoin BTF and meet its staff as soon as practical. 

By Tom Hals and Helen Coster

Ujjivan Small Finance Bank, which is back in the reckoning after a couple of bad years with high level of stressed assets and an exodus at senior levels, is planning to apply for universal banking license next year after the completion of the proposed reverse merger of its holding company Ujjivan Financial Services to itself. As preparation, the lender is now focusing on gaining scale by expanding product basket, adding more branches and growing manpower by about a fourth,managing director Ittira Davis told ET in an interview. Here’s an edited excerpt.Ujjivan Small Finance has regained stability with a solid set of numbers. What helped this turnaround? Have you done anything different? The entire problem was circumstantial.

Ittira Davis, MD & CEO, Ujjivan SFB, says “the cost of funds is going to be slightly higher than what it is today and the NIM for the full year is going to be about 9%. The bank’s NIM was 9.2% this quarter and we are expecting it to average for the full year at about 9% because we had anticipated a small decline in the interest rates in the second half of the year. That is now looking unlikely and the current interest rate scenario is expected to play out much longer during this financial year, possibly for the whole financial year.”Let us talk about the numbers in terms of your cost of funds. The yields have risen and have been hitting the margins of the company. Has the cost of funds peaked out now and should your NIMs be around 9- 9.5% for this financial year?Let me just focus on NIMs.

Ujjivan Small Finance Bank reported a 59.7% rise in its net profit for the quarter ended June 2023 to ₹324.07 crore as compared to ₹202.94 crore in the same quarter last year. The bank’s net interest income (NII), which is the difference between interest earned and interest expended, during Q1FY24 increased 32.1% to ₹792.4 crore from ₹599.7 crore, YoY. Net interest margin (NIM) for the quarter declined 40 bps to 9.2% from 9.6%, YoY.

2023 Genesis Scottish Open at The Renaissance Club, maintaining his 36-hole advantage with a solid 3-under 67 on Saturday. Currently at 13 under par, McIlroy holds a one-shot lead over Tom Kim and is two strokes ahead of Tommy Fleetwood and Brian Harman as they head into the final 18 holes. The final round on Sunday promises to be exhilarating. Similar to Saturday, tee times are scheduled early to avoid anticipated rain, but players will also have to contend with winds blowing at 20-30 mph, possibly gusting up to 40 mph. Despite the earlier tee times, Sunday's weather is expected to be the most challenging of the week, embracing the true essence of the Scottish Open. From tee times to TV and streaming information, here's a comprehensive guide to all you need to know for the final round of the 2023 Genesis Scottish Open. Please note that all listed times are in Eastern Standard Time (EST).

Ashley Benson, known for her role in «Pretty Little Liars,» announced her engagement to oil heir Brandon Davis on Instagram. The couple received heartfelt congratulations from friends and are ready to embark on their journey together. Sharing the joyous news on her Instagram Story, Ashley Benson revealed her engagement to Brandon Davis, an oil heir, and expressed her love for him. The story featured a close-up of her stunning diamond ring, accompanied by Davis calling her the «love of my life.» Benson reciprocated the affection, declaring Davis her «best friend» and expressing her love. Excitement spread further as actor Theresa Picciallo shared a video call with Benson, capturing her radiant smile and showcasing the engagement ring. Picciallo celebrated the couple, affectionately referring to them as «our best friends» and showering them with unconditional love and congratulations. Rumors of their relationship began in January 2023 when Benson and Davis were seen together at a basketball game. Brandon Davis, the grandson of billionaire oil tycoon Marvin Davis, is set to inherit a significant fortune. Marvin Davis amassed his wealth through successful ventures in the oil and entertainment industries. Prior to Davis, Benson was linked to rapper G-Eazy. She has also dated actor and model Cara Delevingne. Reflecting on her past experiences, Benson emphasized her preference for keeping relationships private. She shared the challenges of facing scrutiny and gossip while maintaining a dignified silence, underscoring the importance of preserving the sacred moments shared between partners.

place. Meanwhile, those eyeing Fireworks Spectacular ahead, the DCR Hatch Shell on the Esplanade in Boston will host the 2023 edition of the Boston Pops Fireworks Spectacular. The much-anticipated annual concert will commence at 8 pm, followed by a 30-minute fireworks show starting at 10:30 pm.

State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins.

The United States House of Representatives was abuzz with talk about crypto on April 27, as both the Financial Services Committee and the Agriculture Committee held hearings with nearly identical titles and covered nearly the same ground with many similar conclusions.

Some large law firms, citing economic headwinds and slowing demand, are tightening their belts by shrinking their attorney ranks and eliminating professional staff.

The two people who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could have their identities revealed next month after a recent ruling by United States District Judge Lewis Kaplan.

Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond. 

Former FTX CEO Sam Bankman-Fried is scheduled to appear in court on the afternoon of Jan. 3 to enter a plea on two counts of wire fraud and six counts of conspiracy against him in relation to the collapse of the FTX cryptocurrency exchange, Reuters reported Dec. 28 citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan. 

The ongoing legal proceedings around former FTX CEO Sam Bankman-Fried (SBF) took a new turn as District Judge Ronnie Abrams withdrew her participation from the case. The United States District Court for the Southern District of New York rescued itself from the FTX case after revealing that a law firm — which employs Abrams’ husband as a partner — had advised the crypto exchange in 2021.

Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future. 

The US Department of Justice has revamped a probe into whether Tether’s executives committed bank fraud in the early days of the stablecoin. 

Grayscale has announced a legal challenge to the latest rejection of its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission.

In 2016, cryptocurrency exchange Bitfinex was robbed of about $70 million, with hackers making away with some 1,20,000 bitcoins. The treasure is worth a staggering  $4.5 billion today!